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Sterling Energy books first-half loss after Mauritania exit

By BFN News | 07:47 AM | Friday 27 July, 2018

Oil and gas explorer Sterling Energy posted a first-half loss after its exit from the Chinguetti project in Mauritania sent revenue lower. Pre-tax losses for the six months through June amounted to $1,1m, narrowing from a loss of $2.2m as expenses were also cut. Revenue slumped to $0.5m, down from $2.2m. 'In January 2018, Sterling completed the successful exit from the Chinguetti project allowing the company to now focus on its efforts on securing a material M&A transaction,' chief executive David Marshall said. 'Activity has now doubled on opportunity and asset screening and we are gaining deal traction due to the renewed focus and simplicity of the group's financial position.' 'Sterling still retains a unique position in the AIM listed E&P sector with a strong cash platform of $46.9 million and no debt or other liabilities.' Story provided by

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